I think there's a mistake here since crypto is not mined with average electricity. Nobody (at least not at scale) just puts a mining rig in an apartment in the middle of San Francisco. It's mined where it's cheap, so using average residential energy price is hugely misleading. That's like estimating the cost of making a car by summing up the prices of parts and labor at the car dealerships - that's not how the parts are actually procured when making a car!

> an average electricity cost of 13.19 cents/kilowatt-hour

Source? The link supplied uses 5 cents/kWh, which is also an assumption on their part that they do not explain either.

There are lots of reports of 'seasonal mining' occurring in China, where mining operations are occurring in areas with very cheap or completely free electric, generally because the costs of producing the electricity are fixed, rather than scaling up or down with demand (geothermal / hydro / other renewables).

Vast majority of crypto currency mining is done with excess green energy that would otherwise be rejected by the grid and wasted, as high as 78% by some estimates. https://medium.com/value-of-bitcoin/bitcoins-energy-consumpt...